$1 billion money laundered by crime networks in BC real estate?
Money laundering rampant in BC real estate
Steve Randall
REP
Criminal networks could have used British Columbia’s real estate market for more than $1 billion of money laundering.
A secret police report, obtained by Global News, reveals that crime networks are linked to 10% of the 1,200 luxury real estate purchases in the Lower Mainland included in a police study in 2016.
These include a $17 million Shaughnessy mansion owned by a suspected importer of the potent drug Fentanyl.
Of around 120 properties linked to crime, 95% are believed to have Chinese crime network origins.
Global News own analysis says that the crime networks may have laundered more than $5 billion in Vancouver-area homes since 2012.
The extent of the money laundering issue and the findings of the police study are discussed on the Simi Sara Show from 980 CKNW.
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